GMAC

Not all short sales work out the first time. In fact sometimes I get to sell the same properties over and over again before a deal actually closes....This Enfield CT GMAC short sale took two buyers and three short sale approvals...

Our first time on market the property was a hit and a buyer was secured in just three short weeks after non-stop showings. A short sale package headed to GMAC - by far the most together short sale lender out there. It took just a few short weeks for GMAC to painlessly approve the short sale. I envisioned by client ecstatic when her entire short sale cosed after mere weeks.

But not so fast. A few weeks later our buyer simply walked, for no good reason at all....and we were back at square one.

This time the market was…

After a few years of failed attempts at a fair market sale and after weighing their options these Connecticut homeowners called me to discuss the possibility of short selling their home.

Since my clients had income, assets and had never missed a mortgage payment, I expected a rather tough short sale and perhaps a cash contribution. However, I was optimistic about approval as the loans were with GMAC - by far my favorite short selling lender to work with. GMAC tends to be quick and very reasonable to work with.

I can happily say this short sale proved to be one of the smoothest CT short sales I have ever seen. A mere 8 days on market passed until we secured a strong cash buyer. Full docs headed to GMAC and less than 4 weeks later we received a…

GMAC - by far my favorite lender to work short sales with strikes again with another smooth short sale approval...

When my seller was forced to relocate for work, he was stuck with an underwater house and few options except to short sell the home.

This Colchester, CT home went on market priced well and agressively marketed. Within a week a bidding war erupted and the home was soon under contract. Within 2 weeks GMAC was ready to approve and we had but one obstacle - the PMI company. A week of negotiatons with the PMI company resulted in my seller agreeing to a small note in order to get the short sale closed.

It took the buyer just a few short weeks to pull their loan together and just 8 weeks after listing the home - we closed.

OWED:…

GMAC - now my very favorite lender to work short sales with - delivers again.

When this Connecticut homeowner first called me, he seemed quite skeptical that a short sale was a possibility for him. Given his circumstances he was sure that his only option was to simply walk away and let the home foreclose as he believed he would never be approved for a short sale. I believed otherwise.

As the FHA PFS (pre-foreclosure sale) program allows preapproval, we immediately sent a full short sale package to GMAC and the home went on market. 7 weeks later a buyer was secured, which coincided perfectly with the timing on my sellers approval into the FHA PFS program. Unfortunately our FHA appraisal came in a tad high and the home had some inspection issues so…

Not a pretty or quick affair but with enough persistence, anything eventually closes. Though my other recent GMAC short sale approvals have been incredibly fast, this one was of course the exception.

The problems began when GMAC insisted on pre-approving the short sale. As soon as we went on market they were out to do a BPO, which of course came in WAY TOO HIGH to begin with. So as soon as we stepped out of the gate, we were already in trouble. My efforts to dispute the BPO value went unheard, and so instead of a quick easy sale, we spent months waiting for the BPO to expire so we could get a new valuation ordered.

Unfortunately these months sent us into the dead of winter. We secured a buyer and inevitably the very next day the pipes burst and the…

I LOVE YOU GMAC! (Well, today anyway...)

Yes, I know, we've had a love and hate relationship over the years GMAC but I can see you've changed your ways now. Today you've topped the list as my new favorite. That title used to belong to Wells Fargo, but it just seems Wells isnt trying very hard anymore. Its been downhill with Wells for quite some time.

I know we had a hard time last year. We both remember Mr. X - that very nasty negotiator, dont we? You were great as usual...but he really soured our relationship for awhile.

But you've made it right again! It was just 9 days ago I got you a full package on my latest Wallingford CT short sale seller. It's an FHA short sale. Now usually I expect that FHA takes a little longer than others...BUT…

A GMAC short sale approval in 10 days with Equator

GMAC has really stepped up their game in the past year. In the spring of 2010 GMAC moved all their short sale processing to Equator, following Bank of America's decision to do the same. GMAC's Equator platform is preferable to Bank of America's as there is less data input from the agent, and it seems the negotiators actually consider personal contact a priority, leading to a smoother process overall.

While getting the Ansonia, CT property under contract proved a challenge, once a buyer was secured, approval from GMAC came just 10 days later. Unfortunately, the buyers lender proved to be a complete mess and what could have been easy and simple never turns out to be so. Over 10 weeks of fumbling…

Equator GMAC/Bank of America Short Sale -  Approved and Closed

A Manchester, Connecticut short sale: Equator is certainly not a perfect system. In this case we experienced one problem after another in Equator, turning what should have been a 3 week approval into a 3 month approval...

All started out well as my GMAC was ready to approve the file in just 3 weeks..on a Friday I spoke to the negotiator who promised me an approval letter by Monday morning. Unfortunately Monday morning GMAC moved all their short sale processing to Dallas and onto Equator. This could have been an easy adjustment, but of course - nothing is ever easy when it comes to short sales. It took the new negotiator about 6 more weeks to get back on track and finally issue the…

Connecticut GMAC/DITECH Short Sale Approved in 3 weeks!

OWED:

GMAC Serviced Freddie Mac 1st Mortgage: $150,000

GMAC Serviced Ditech 2nd Mortgage: $30,000

SOLD:

$132,000: Both approvals - FULL DEBT SATISFACTION.

This Cromwell, CT short sale was a breeze. Finding a buyer took slightly longer than expected as the market was falling a little faster than anticipated, however 8 weeks after listing we secured a strong buyer. As with most sales as of late, closing by 6/30  to get the buyer first time homebuyer credit put additional pressure to get it done FAST.

A package went to GMAC and Ditech immediately...and with constant pressure on the lenders to get it done, GMAC ordered their appraisal right away...the negotiator was on the ball,…